This past Monday, the Executive Mayor of Johannesburg, Herman Mashaba attended the sod-turning ceremony marking the commencement of the redevelopment of the iconic Jewel City.
Property developers Divercity Urban Property Fund has committed R2 billion into the reimagining of Jewel City, and the 30-storey ABSA Towers Main building, which the mayor praised for potentially bringing “much-needed affordable residential spaces, which will help create a more inclusive, vibrant and diverse inner-city”. Upon completion, the project is expected to introduce thousands of affordably-priced residential rental apartments, several cafes and restaurants, retailers, child care facilities, a public park, and integrated public transport facilities.
With the ABSA Tower Main building and Jewel City projects, as well as the R400 million worth of residential accommodation under development in Maboneng, Divercity alone will deliver 2 500 apartments in total. On top of this, City Council approved the release of 84 buildings earmarked for the regeneration of the inner-city – the development of these buildings will take place through public private partnerships with developers within the city.
These 84 buildings are expected to deliver an estimated 4 000 units for student accommodation, small business premises and even more affordable accommodation for some of our poorest residents.
Mashaba said: “I’m certain this hive of excitement and gradual inner-city transformation will also help lure back investors. This administration continues to work with the private sector to come up with solutions to creating employment opportunities and safe and livable spaces.”